The second quarter of 2015 was slightly subdued in Chennai as it witnessed a decline in the launch of new units as compared to the previous quarter, reports the April-June issue of PropIndex, India Apartment Index by Magicbricks.
www.sevagiri.com
While there was a fall in the number of new mid-segment units, the high-end and luxury segments showed a marked improvement.
While there was a fall in the number of new mid-segment units, the high-end and luxury segments showed a marked improvement.
With the need for affordable luxury going up, areas such as Nungambakkam, Adyar, Alwarpet, Kotturpuram, Egmore, Bishop Garden and Perambur are emerging as the new luxury addresses and witnessing high growth.
A major percentage of the new launches were in the Grand Southern Trunk Road and Suburban (South) areas due to their proximity to business districts and IT Parks. Limited demand and modest sales kept the capital and rental values stable during this quarter across all submarkets.
For rentals, Alwarpet, Ambattur, Anna Nagar, Besant Nagar, Kelambakkam have shown a rise in values in the Apr-Jun 2015 quarter. The real estate sector is mostly driven by demand from the IT segment. This demand continues to push prices northward, forcing people in the mid-segment to explore options in the peripheral regions. But lack of physical and social infrastructure acts as a deterrent.
Source - MB
No comments:
Post a Comment